AstraZeneca Rejects Pfizer’s ‘Final’ Bid
The British drug maker rejected a takeover bid from New York-based Pfizer in a deal that would have led to the world's largest drug company.
The Wall Street Journal: AstraZeneca Rejects Pfizer's New Higher Offer
While the rejection is a major setback in any potential deal between the two drug giants, U.K. takeover rules give Pfizer and AstraZeneca until May 26—a month from the confirmation of Pfizer's earlier approach—to enter takeover discussions. That allows time for any investors dismayed with AstraZeneca's 12% share-price fall Monday to push the board to engage in talks (Plumridge, 5/19).
USA Today: Britain's AstraZeneca Rejects 'Final' Pfizer Bid
British drug maker AstraZeneca rejected Monday what its New York-based rival Pfizer called over the weekend its "final" takeover offer. In a statement, AstraZeneca's board cited the "uncertainty and risks" for shareholders as a reason for the rejection, which came just hours after the maker of the erectile-dysfunction drug Viagra had upped the value of its bid to 55 pounds (around $93) a share in a deal that would have led to the world's largest drug company (Hjelmgaard, 5/19).
The Associated Press: AstraZeneca Rejects $119-Billion Offer From Pfizer
In a statement released Monday, AstraZeneca's board said it “reiterates its confidence in AstraZeneca's ability to deliver on its prospects as an independent, science led business” (5/19).